Destination Wealth Management Reduces Stake in Tesla Inc. (TSLA)
Destination Wealth Management lessened its holdings in shares of Tesla Inc. (NASDAQ:TSLA) by 2.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 804 shares of the electric vehicle producer’s stock after selling 18 shares during the period. Destination Wealth Management’s holdings in Tesla were worth $291,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in TSLA. Pittenger & Anderson Inc. boosted its holdings in shares of Tesla by 20.0% during the 2nd quarter. Pittenger & Anderson Inc. now owns 300 shares of the electric vehicle producer’s stock valued at $108,000 after buying an additional 50 shares in the last quarter. SRS Capital Advisors Inc. boosted its holdings in shares of Tesla by 1,213.3% during the 1st quarter. SRS Capital Advisors Inc. now owns 394 shares of the electric vehicle producer’s stock valued at $109,000 after buying an additional 364 shares in the last quarter. Winfield Associates Inc. boosted its holdings in shares of Tesla by 85.2% during the 2nd quarter. Winfield Associates Inc. now owns 326 shares of the electric vehicle producer’s stock valued at $118,000 after buying an additional 150 shares in the last quarter. Acropolis Investment Management LLC bought a new stake in shares of Tesla during the 2nd quarter valued at $122,000. Finally, North Star Investment Management Corp. boosted its holdings in shares of Tesla by 2.8% during the 2nd quarter. North Star Investment Management Corp. now owns 336 shares of the electric vehicle producer’s stock valued at $122,000 after buying an additional 9 shares in the last quarter. Hedge funds and other institutional investors own 56.67% of the company’s stock.
In other news, VP Eric Branderiz sold 99 shares of Tesla stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $350.12, for a total value of $34,661.88. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Stephen T. Jurvetson sold 44,777 shares of Tesla stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $340.36, for a total value of $15,240,299.72. Following the completion of the sale, the director now directly owns 36,111 shares in the company, valued at $12,290,739.96. The disclosure for this sale can be found here. Insiders sold 53,946 shares of company stock worth $18,481,047 over the last ninety days. Corporate insiders own 23.10% of the company’s stock.
Tesla Inc. (TSLA) traded down 0.41% on Friday, hitting $376.10. The stock had a trading volume of 2,276,630 shares. The company has a 50-day moving average of $350.77 and a 200 day moving average of $322.11. The company’s market cap is $62.77 billion. Tesla Inc. has a 12 month low of $178.19 and a 12 month high of $386.99.
Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) EPS for the quarter, beating the Zacks’ consensus estimate of ($2.00) by $0.67. The business had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.50 billion. Tesla had a negative return on equity of 16.36% and a negative net margin of 7.61%. The business’s revenue was up 119.6% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.06) earnings per share. On average, analysts predict that Tesla Inc. will post ($6.26) EPS for the current fiscal year.
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A number of equities analysts recently issued reports on TSLA shares. Vetr upgraded shares of Tesla from a “strong sell” rating to a “sell” rating and set a $335.62 price target on the stock in a research note on Tuesday, June 13th. Robert W. Baird reiterated an “outperform” rating and issued a $368.00 price target on shares of Tesla in a research note on Tuesday, June 20th. BidaskClub cut shares of Tesla from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 20th. Sanford C. Bernstein reiterated a “hold” rating and issued a $265.00 price target on shares of Tesla in a research note on Thursday. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $345.00 price target (up previously from $314.00) on shares of Tesla in a research note on Wednesday, August 9th. Eight analysts have rated the stock with a sell rating, thirteen have given a hold rating and fourteen have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $315.31.
Tesla Company Profile
Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products. The Company operates through two segments: Automotive, and Energy generation and storage.
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